Page:North Dakota Reports (vol. 48).pdf/627

 made an absolute purchase from us of $5,280,000 real estate series bonds.

“It is agreed that Charles B. Wood of Chicago has already approved part of the above-described bonds of the real estate series sold to you and that on the remaining bonds above described, which are all of said bonds of the state of North Dakota that will be authorized or issued for any purpose prior to September 10, 1922, we will furnish you with the unqualified approving opinion of Charles B. Wood, or at your option permit you to secure such opinion at our expense. .

“It is further understood and agreed that each of the said bonds optioned herein are to be made payable by indorsementendorsement [sic] thereon of an undertaking in which the Bank of North Dakota agrees to pay said bonds both principal and interest, at the Empire Trust Company, in the city of New York and state of New York.

“We recognize your need for market protection and as a further consideration hereby agree not to sell or offer to sell directly or indirectly any bonds of the state of North Dakota from this date until September 10, 1922, and in case of litigation or other adverse conditions arising which in your opinion affects the salability of these bonds you are to have the right to cancel all or any part of the uncompleted portion of this contract, after you have taken up and paid for $1,800,000 par value of bonds.

“It is agreed that notice shall not be given you until the bonds are ready for delivery in full compliance with the Constitution and laws of the state, together with Charles B. Wood’s approving opinion, and we hereby agree to deliver to you in New York or Toledo at your option, as ditected from time to time, any and all of said bonds within 30 days from the date when we receive a written notice from you of your determination to exercise your option or purchase. All of the bonds above mentioned shall mature at specific dates without prior option.

“Respectfully submitted,

“The Bank of North Dakota, “By F. W. Cathro.”

“Sept. 21, 1921. “We hereby confirm the foregoing purchase and contract in all respects and hereby agree to faithfully carry out the same. “Spitzer, Rorick & Co., “By A. V. Foster.”